Reiterate SELL with a revised TP of Rs 530 @ 40x Jun-20E EPS (vs. Rs 570 earlier). We reduce our FY19-21 EBITDA estimate by 5-6% and EPS 7-9%. UNSP after blockbuster 2QFY18 reported third consecutive weak quarter especially on margin front (reported margin 9.6%, adjusted 11.3%). Revenue grew by 13% YoY, EBITDA 22% owing to low base of 1QFY18 led by highway ban. Despite management guidance of low-teen revenue growth and mid-teens margin in medium term, margin continues to struggle.